Here is my favorite quote (from a BMO Nesibitt economist) today on the latest figures showing a rapidly dimishing euphoria in the housing market. Today’s data has prices off a record 9.7%, but, hey, volume is up:
“September’s results show the market works — if builders cut prices enough, people will buy.”
That is a combination of stating the blindingly obvious and finding a very silver lining. Let’s just call it a blindingly silver (and silly) statement.